Rupee firms up 13 paise to 66.46

Rising for the third straight session, the rupee on Tuesday gained 13 paise to end at 66.46 after the RBI cut the key interest rate by 0.25 per cent. Heavy dollar selling by banks and exporters alongside debt-related inflows largely supported the rupee momentum despite buoyant greenback overseas. The rupee resumed firmly higher at 66.53 at the forex market on sustained bouts of dollar selling by exporters and traded in a narrow range most part of the day with positive bias ahead of policy meet. However, on an initial sharp reaction to the widely0expected rate cut, the rupee hit a one-month high of 66.38 in late afternoon deals before ending at 66.46, a smart rise of 13 paise, or 0.20 per cent.